End month is upon us and for those who have a job, it comes with a cheque or a payslip. But the big question that you should ask yourself is whether or not your salary will be enough to last you till the next month/pay day.
As it is, instead of having too much money at the end of the month, most people might have too much month at the end of their money.
At the end of the day, how long your money will last you for the month on July will all depend on how you use it.
Here are 5 Money Habits To Avoid This End Month
1.Spending Money Without A Budget
Do you have a fair idea of how much money you spend in a month or are you living an unrestrictive financial lifestyle?
According to financial experts, spending money without a budget is the biggest mistake one makes.
A budget helps you track your spending and it should be planned and realistic. If it is utilized it can save you a lot of money. Make a budget and stick to it. A budget will help you live within your means and put you in control of your finances.
Read Also >>> 6 Ways To make Money Even If You Are Unemployed
2. Feeling Philanthropic
If you are good hearted you are most likely to fall into this trap of helpfulness. Some people give too much when they get paid and they forget about the days to come. For example when you get paid and someone tells you they need money for an urgent problem. Think it out properly before lending the money.
3. Expensive Hobbies
We all have hobbies, right? And we all enjoy the hobby but could that hobby be scaling back your finances?
Some social hobbies for example drinking alcohol goes too far when an employee uses too much of their money in such a hobby leading them to being broke. One can reconsider these kinds of activities and see what other options they may have or cut down on the amount of money they invest in such activities.
4. Impulse Buying
Impulse buying is an unplanned decision to buy something and it ranges from clothes, shoes (for the ladies), jewelry and even movies.
Once people are paid they spend money on unbudgeted items that are non-essential. This can get you broke within the next week if you are not careful enough.
Impulse buying can be reduced by having a proper budget and having the discipline to stick to it.
5. Failure To Bargain
When you get paid it’s likely that you do not care about the price of what you are buying or the amount of money you are spending on an item. At this point you end up spending more money. I would advise one to bargain no matter the time of the month. It will save you money.
It is important to budget on your salary in terms of expenses and basic needs in comparison to your income. Plan wisely to avoid wasting money. Planning helps you get around a full month on your salary.
Pay all your critical bills when you get your salary for example rent, electricity and water bills. By the time you are getting broke you will not struggle to pay such bills.
Don’t get broke before your next pay day, budget and make wise buying decisions.
See Also >>> 5 Things You Should Stop Wasting Your Money On
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